Trump Family Profits $100M in $TRUMP Coin Trading Fees

Trump Coin turned a fewer aboriginal investors into millionaires portion leaving astir others with monolithic losses. On January 17, conscionable minutes aft Donald Trump announced the motorboat of the $TRUMP cryptocurrency, an aboriginal purchaser scooped up astir 6 cardinal tokens astatine conscionable 18 cents each. 

Within 2 days, that determination turned into a jaw-dropping $109 cardinal profit. But arsenic prices surged to $75 earlier crashing backmost to $17, implicit 810,000 investors collectively mislaid much than $2 billion.

According to a forensic investigation by Chainalysis, aboriginal holders wasted nary clip cashing out, leaving latecomers to instrumentality the hit. Experts comparison it to classical pump-and-dump schemes, successful which seasoned traders bid up prices and currency retired earlier mean investors are near successful the red.

Meanwhile, with mean investors losing their savings, the Trump household and its partners reportedly pocketed astir $100 cardinal successful trading fees. Critics are peculiarly alarmed fixed Trump’s moves to loosen cryptocurrency regulations. 

Former SEC crypto advisor Corey Frayer accused Trump of engaging successful “shady crypto schemes that harm investors” portion putting regulators successful spot who could support him from repercussions.

Frustrated investors haven’t held back. Shawn M. Whitson from North Carolina, erstwhile a arrogant protagonist of the token, aboriginal called $TRUMP a “joke” aft watching his concern tank. 

Vaibhav Jha, the Head Editor astatine The Crypto Times, admitted helium invested due to the fact that of the hype but present regrets it. He says, “Now I americium moving into losses, and I person been told that Trump has made a batch of wealth from the token.” 

He besides added, “All I tin privation present is that helium spends my wealth well.” 

A pseudonymous crypto trader managing millions had a blunt take: “Trump launched this token erstwhile memecoin hype was astatine highest and I don’t deliberation helium volition marque immoderate notation regarding it successful the future. TRUMP is nary antithetic than astir memecoin which dies aft archetypal launching days.”

The speedy emergence and autumn of the Trump Coin is yet another cautionary communicative astir celebrity-backed cryptocurrencies. For most retail investors, the adjacent question is, are these integer assets worthy the risk?

Also Read: Crypto Trader Loses $21M After Profiting from TRUMP Memecoin